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/C O R R E C T I O N -- VANGUARD REAL ESTATE FUND II/(Correction Notice)

In PHTH036, "Vanguard Real Estate Fund II Announces Transactions," moved yesterday, we are advised by the company that the first graph, fifth line, should read "representing a gain to the Fund of approximately $4.1 million.", rather than "representing a gain to the Fund of approximately $3.05 million.", as originally issued. The complete, corrected release follows.
 VANGUARD REAL ESTATE FUND II ANNOUNCES TRANSACTIONS


VALLEY FORGE, Pa., March 7 /PRNewswire/ -- Vanguard Real Estate Fund II (AMEX: VRT) today announced the completion of the sale of its Arapahoe Village Shopping Center in Boulder, Colorado, for net proceeds of approximately $17.15 million, before satisfaction of a $6.1 million mortgage loan secured by the property, representing a gain to the Fund of approximately $4.1 million. The timing of the sale is consistent with the Fund's liquidation plan, which calls for the Fund to liquidate by December 8, 1997.

During the year ended December 31, 1995, Arapahoe Village generated funds from operations in the amount of $.17 per share, or roughly half of Vanguard Real Estate Fund II's estimated 1995 funds from operations.

The sale of the Arapahoe Village property was delayed by the discovery of environmental conditions during the course of an evaluation by the purchaser. Further testing was completed in December, and in February, prior to the closing of the sale, the State of Colorado issued "no further action" letters regarding the conditions discovered.

The Fund also announced that is has obtained title -- by means of a deed in lieu of foreclosure -- to the Bayside Business Center, located in San Carlos, California. Bayside previously secured fixed-rate and shared appreciation mortgage loan investments made by the Fund in 1989. This property is now being actively marketed by the Fund's investment adviser, Aldrich, Eastman and Waltch, Inc.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy shares of Vanguard Real Estate Fund II.
 -0- 3/8/96


/CONTACT: Jeff Molitor of Vanguard, 610-669-6303/

(VRT)

CO: Vanguard Real Estate Fund II ST: Pennsylvania, Colorado, California IN: FIN SU:

JO -- PHF007 -- 1617 03/08/96 13:00 EST
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Publication:PR Newswire
Article Type:Correction Notice
Date:Mar 8, 1996
Words:353
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